Shares of Synovus Financial Corp. (NYSE:SNV) have earned a consensus recommendation of “Hold” from the fourteen research firms that are presently covering the company, MarketBeat reports. One analyst has rated the stock with a sell recommendation, nine have issued a hold recommendation and four have assigned a buy recommendation to the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $51.91.
A number of brokerages have commented on SNV. Zacks Investment Research downgraded Synovus Financial from a “buy” rating to a “hold” rating in a research note on Tuesday, February 13th. Morgan Stanley upgraded Synovus Financial from an “underweight” rating to an “equal weight” rating and lifted their target price for the company from $51.67 to $52.00 in a research note on Wednesday, March 7th. Bank of America lifted their target price on Synovus Financial from $55.00 to $56.00 and gave the company a “buy” rating in a research note on Wednesday, January 24th. Keefe, Bruyette & Woods restated a “hold” rating and issued a $55.00 target price on shares of Synovus Financial in a research note on Tuesday, February 27th. Finally, Hovde Group restated a “hold” rating and issued a $53.00 target price on shares of Synovus Financial in a research note on Tuesday, January 23rd.
In other news, VP Mark G. Holladay sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $50.16, for a total transaction of $250,800.00. Following the completion of the transaction, the vice president now directly owns 52,063 shares in the company, valued at $2,611,480.08. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Allen J. Gula sold 2,450 shares of the business’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $50.22, for a total value of $123,039.00. Following the transaction, the chief operating officer now owns 70,111 shares of the company’s stock, valued at $3,520,974.42. The disclosure for this sale can be found here. Insiders own 1.50% of the company’s stock.
A number of large investors have recently made changes to their positions in the stock. Maltese Capital Management LLC raised its holdings in Synovus Financial by 0.3% during the fourth quarter. Maltese Capital Management LLC now owns 405,065 shares of the bank’s stock worth $19,419,000 after purchasing an additional 1,065 shares in the last quarter. Signature Estate & Investment Advisors LLC raised its holdings in Synovus Financial by 7.4% during the fourth quarter. Signature Estate & Investment Advisors LLC now owns 15,884 shares of the bank’s stock worth $761,000 after purchasing an additional 1,098 shares in the last quarter. Chicago Equity Partners LLC raised its holdings in Synovus Financial by 0.8% during the fourth quarter. Chicago Equity Partners LLC now owns 157,510 shares of the bank’s stock worth $7,551,000 after purchasing an additional 1,245 shares in the last quarter. Brandywine Global Investment Management LLC raised its holdings in Synovus Financial by 1.0% during the fourth quarter. Brandywine Global Investment Management LLC now owns 172,532 shares of the bank’s stock worth $8,272,000 after purchasing an additional 1,717 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky raised its holdings in Synovus Financial by 7.6% during the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 25,342 shares of the bank’s stock worth $1,215,000 after purchasing an additional 1,800 shares in the last quarter. 81.01% of the stock is currently owned by hedge funds and other institutional investors.
Synovus Financial (NYSE SNV) traded up $0.44 during trading hours on Friday, reaching $52.14. The company had a trading volume of 994,581 shares, compared to its average volume of 804,162. The firm has a market capitalization of $6,243.82, a P/E ratio of 24.03, a price-to-earnings-growth ratio of 1.93 and a beta of 1.11. Synovus Financial has a fifty-two week low of $37.95 and a fifty-two week high of $53.14. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.60.
Synovus Financial (NYSE:SNV) last issued its earnings results on Tuesday, January 23rd. The bank reported $0.72 EPS for the quarter, beating the Zacks’ consensus estimate of $0.67 by $0.05. Synovus Financial had a return on equity of 11.20% and a net margin of 18.27%. The company had revenue of $339.07 million during the quarter, compared to the consensus estimate of $338.60 million. During the same period in the previous year, the firm posted $0.54 earnings per share. Synovus Financial’s quarterly revenue was up 10.3% compared to the same quarter last year. analysts expect that Synovus Financial will post 3.41 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 2nd. Stockholders of record on Thursday, March 15th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, March 14th. This is an increase from Synovus Financial’s previous quarterly dividend of $0.15. This represents a $1.00 annualized dividend and a dividend yield of 1.92%. Synovus Financial’s payout ratio is currently 27.65%.
Synovus Financial declared that its Board of Directors has initiated a stock buyback program on Tuesday, January 23rd that allows the company to buyback $150.00 million in shares. This buyback authorization allows the bank to repurchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.
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About Synovus Financial
Synovus Financial Corp. is a financial services company and a bank holding company. The Company provides integrated financial services, including commercial and retail banking, financial management, insurance and mortgage services, to its customers through locally branded banking divisions of its subsidiary bank, Synovus Bank (the Bank), and other offices in Georgia, Alabama, South Carolina, Florida and Tennessee.
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